Sound Navigation and ranging or SONAR uses sound propagation to communicate or detect the objects under or on the water surface. Sonar systems are popularly used on vessels and such other systems for communication, navigation and detection of the objects. Growing applications of these systems across the defense sector are expected to drive the overall sonar systems market. Advancing technologies and rising demand from around the world are also expected to be some of the major driving forces for this industry on global scale. Businesses from around the world are expected to invest in this market flourishing across different geographic regions.
Segmentation in Sonar Technology Market
Researchers segment the global sonar systems market on the basis of the types of systems, their applications, and demand across different geographic regions. The basic types of these systems include active SONAR and passive SONAR technologies. The types of systems in the market are categorized into side beam, multibeam, single beam, driver detection, and synthetic aperture sonar systems. Basic application segments of the industry are divided into scientific, military and defense and commercial industries. Based on the geographic regions, the global market is divided into North America, Europe, Asia Pacific, Latin America and rest of the world.
Market Drivers and Restraints – What to Expect?
The global sonar systems market is expected to be driven by the rising application segments of this technology. Rapid technological advancements in both passive and active sonar systems are also expected to provide growth opportunities for the key players in the industry. Growth in the demand from the fisheries industry and tactical defense operations are also expected to influence the industrial growth for the key market players. Rise in the medical applications and enhancements in anti-submarine warfare techniques are also expected to provide major traction to this market over the next few years. Major restraining factors for the market include radiation risks, effects of sonar on marine life and effect of salinity of the ocean water on the systems.
As per the latest research reports, the global sonar systems market is expected to grow at a steady CAGR of over 6% from 2014 to 2020. At the estimated growth rate, the researchers predict this market to be worth $3.12 Billion by the end of the year 2020. North America and Europe are expected to hold the largest shares in this market during the forecasting period. Emerging markets on the other hand are also expected to witness impressive growth over the next few years to come. Growing need for acoustic instruments and high resolution sound are expected to influence the growth opportunities for the key industry players.
Download Report Brochure !